I has proven to be a successful course to take, especially when entering into the business field. Accounting has many key concepts in which I feel that I have benefited from. Although at times I found myself struggling, I pushed through and persevered. The key concepts that I feel that will help me as I enter the business field is the ability to understand how accounts receivables and payroll affect a business.
I think the hardest concepts for me in this course were stock transactions and dividends. So those will have to be a couple that I still need to focus on, as I feel they will be essential to having a successful business. Accounts receivables is a claim against the customer created by selling merchandise or services on credit and are classified on the balance sheets as a current asset. Accounts receivable is generally considered in calculating the value of a business or the business’ problems in paying its own debt.
Since I plan to open my own business sometime in the near future, I feel this is a vital concept on which I should have a firm grasp and clear understanding. I don’t want to be overly-eager and buy or start a business and place too high a value to the accounts receivable without considering the chances of collection and placing myself in a position where I may have more debt than profit.
Accounting has provided me with useful concepts on accounts receivable and I feel that I am now more prepared to enter the next phase of the business world. Payroll is the total amount paid to the employees for a certain period and is subject to federal and state regulations. As an employer I would be obligated to have retain forms, such as, W-g’s also known as ‘Employee’s Withholding Allowance Certificate’ filled out by employees to ensure proper deductions for income tax purposes per PICA.
Payroll is a very important concept to any business. Employees are sensitive to payroll errors and irregularities, so to ensure they are done correctly and accurately you need to have a good comprehension of the steps and process. The payroll register is a multicolumn report used for summarizing data for each payroll period, which include but not limited to the employee name, total hours irked, regular and overtime earnings, total withholdings, etc.
Understanding the concepts thoroughly can help ensure success and help me feel a little more at ease when it comes to starting a business. In conclusion, overall I feel that Accounting II has provided me with the essential tools and concepts to help me start a new adventure in my life. There are still a few things I may not completely understand but I still have the tools and material to look back on if I may get stuck in a situation.
I’m not sure that I would be too involved with tock transactions and dividends but if I were to come across them I would not be completely in the dark, as this course has given me a head start. In the future if I needed to I would take a refresher course in Accounting I or II as they are essential to any business profession. I will also be able to use these tools and concepts in my daily life to help budget bills and things of that nature. It has be a short Journey thus tar Witt more curriculum and concept essential in the end.